The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions in Western Canada and Toronto

Monday, August 15, 2011

Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions in Western Canada and Toronto17:16 EDT Monday, August 15, 2011TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the acquisition of the following properties: AddressTotal GLAOffice GLARetail GLAParking SpacesSun Tower, Vancouver81,30075,3425,958-Kipling Square, Calgary44,94044,940-13Revillon Boardwalk Building, Edmonton255,217224,42330,79422460 Adelaide Street East, Toronto110,154105,1554,99917184 Front Street East, Toronto86,92080,6746,24654Total578,531455,19247,997308Allied has completed or announced 19 acquisitions in 2011 for $350 million, 13 in Western Canada, five in Toronto and one in Montréal. Less than 12 months ago, Allied had no property west of Winnipeg. On closing of the remaining three previously announced acquisitions, Allied will own nine Class I or heritage properties in Calgary, two in Edmonton, three in Vancouver and one in Victoria with total rentable area of 910,495 square feet. When combined with Allied's properties in Winnipeg, they will comprise 13% of Allied's total rentable area, with Central Canada (Toronto and Kitchener) comprising 46% and Eastern Canada (Montréal and Québec City) the remaining 41%. Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada's major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.FOR FURTHER INFORMATION PLEASE CONTACT: Michael R. EmoryAllied Properties Real Estate Investment TrustPresident and Chief Executive Officer(416) 977-0643memory@alliedpropertiesreit.com (FAX)